Tuesday, 30 April 2013

Pennsylvania Citizens Bank fined $5 million for deceiving customers

Pennsylvania Citizens Bank fined $5 million for deceiving customers, It is easy to overdraw at the bank. This is especially true if you think you have a certain amount in your account and you buy something and end up with an overdraft fee. Sometimes it doesn't even matter if you checked your account before you made the purchase because those who are taking money out of your account can easily do so really fast that you wouldn't even have known it happened. Although this could happen, what if it was your bank doing this to you on purpose? According to a report by Philly.com on April 30 the Citizens Bank in Pennsylvania did this to its customers.

Because of their deceptive ways, they are now having to pay out a $5 million fine to the customers they deceived. They have neither admitted nor denied these accusations. You would think most banks have good business training and wouldn't even try doing something like this.

In addition to the $5 million fine, they also agreed to pay out $1.4 million to over 750,000 customers for their violations of the Federal Trade Commission between January 2008 and November 2011.